Stocks are marking Time
The tariff question is behind the current turmoil, but the market seems to want to go into a wait and see mode and still believes the growth story. What that means is that S&P 500 weekly data is now where we are focusing and last weeks high of 2789.2 and low of 2647.0 are important. This makes 2718 the swing point for the week and as we mentioned yesterday, 2724 was a get out point for longs.
At the moment we have an inside week, this weeks highs and lows are inside last weeks range. This indicates indecision for the market and that trading rather than buy and hold is still on the table. There are no indications for new positions if you are a bull.